As a seasoned crypto investor with over a decade of market experience under my belt, I must admit that navigating the tumultuous waters of the digital asset realm has become second nature to me. The past week has been no exception, with a rollercoaster ride of events that have tested even the most hardened investors’ mettle.
The crypto universe has closed another week with remarkable events unfolding across the wider sector. The Israel-Iran conflict brought significant turbulence to the broader market, whereas the recent U.S. jobs data sparked further investor speculation. Meanwhile, the Ripple vs US SEC saga saw new lawsuit developments, with XRP tackling considerable turbulence this week.
Check out this roundup of some of the trending headlines featured on CoinGape Media during the last week.
Crypto Market Braces For Impact As Middle East Tensions Rise & U.S. Jobs Data
The eagerly awaited ‘Uptober’ rally took a pause due to the ongoing Israel-Iran conflict that erupted this week. In response to Israel’s attack on Hezbollah forces in Lebanon, Iran retaliated with missile strikes against Israel. Consequently, the crypto market displayed signs of negative impact as a result of this geopolitical tension. Data from Coinglass revealed approximately $351 million being liquidated from the market, reflecting the uncertainty caused by the conflict.
At the same time, it’s important to note that Robert Kiyosaki, a well-known American entrepreneur, offered crucial perspectives during the ongoing Middle East conflict. He criticized the Biden administration and expressed praise for Republican Donald Trump, emphasizing the necessity of firm and resolute leaders in such situations.
This week’s U.S. employment report showed that the number of nonfarm jobs added was 254,000 and the unemployment rate stood at 4.1%. These figures suggest a smaller than expected interest rate cut by the Federal Reserve. However, BlackRock’s Chief Investment Officer, Rick Rieder, predicts that the Fed might still lower rates further, but probably by just 0.25 percentage points.
XRP Lawsuit Sees New Developments
This week brought fresh legal developments in the ongoing case between Ripple, an American blockchain payments firm, and the Securities and Exchange Commission (SEC). The SEC has announced its intention to appeal Judge Analisa Torres’ final ruling in the XRP lawsuit, suggesting they are challenging the decision that imposed a $125M penalty on Ripple for remedies.
Over the past week, the price of Ripple’s native cryptocurrency, XRP, dropped by 13% due to legal uncertainties. By the end of the week, XRP was valued at approximately $0.53. During this time, large XRP holders (known as whales) transferred hundreds of millions of coins, creating a sense of mystery among market participants. However, a well-known crypto market analyst predicted that XRP could still reach $5 despite the ongoing regulatory scrutiny. Additionally, it was reported this week that the SEC allegedly included Ripple CEO Brad Garlinghouse and co-founder Chris Larsen in its appeal.
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2024-10-06 08:35